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Ok, somebody needs to stop these guys.
Shares of drugstore companies are tumbling Thursday after Amazonannounced it signed an agreement to acquire online pharmacy PillPack.
Rite Aid plunged 11 percent, Walgreens Boots Alliance sank 9 percent and CVS Health fell 8 percent, respectively. The three companies collectively lost $12.8 billion in market value on Thursday alone.
PillPack is an online pharmacy that packages, organizes and delivers presorted doses of medications. Its website says it is licensed to ship prescriptions in 49 states. In November, its CEO said it was on track to post more than $100 million in revenue for 2017.
“PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology,” Jeff Wilke, Amazon CEO Worldwide Consumer, said in a statement. “PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time.”
https://www.cnbc.com/2018/06/28/wal...ter-amazon-buys-online-pharmacy-pillpack.html
Shares of drugstore companies are tumbling Thursday after Amazonannounced it signed an agreement to acquire online pharmacy PillPack.
Rite Aid plunged 11 percent, Walgreens Boots Alliance sank 9 percent and CVS Health fell 8 percent, respectively. The three companies collectively lost $12.8 billion in market value on Thursday alone.
PillPack is an online pharmacy that packages, organizes and delivers presorted doses of medications. Its website says it is licensed to ship prescriptions in 49 states. In November, its CEO said it was on track to post more than $100 million in revenue for 2017.
“PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology,” Jeff Wilke, Amazon CEO Worldwide Consumer, said in a statement. “PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time.”
https://www.cnbc.com/2018/06/28/wal...ter-amazon-buys-online-pharmacy-pillpack.html